The hospitality business has been perhaps one of the most significantly impacted industries during the pandemic but for apartment rental startup, Casai, business is returning and the opportunity for expansion is underway following a $48 million Series A funding round.
The Series A was the largest ever reported for a Mexico-based company. Casai co-founder, Nico Barawid, said the distinction between his business and other hospitality options, like Airbnb or hotels, is what has led to its success.
"What we're offering is beautiful and, most importantly, intelligent living spaces," Barawid told Cheddar.
The luxury living spaces are fitted with tech trimmings including keyless check-in and phone-controlled devices like Google Home and Chromecast.
Like other businesses in the hospitality space, Casai saw a slump in bookings during the height of the coronavirus pandemic and went into "cash conservation mode" but Barawid said it has since rebounded to near pre-pandemic levels.
"Before COVID we were at 100 percent occupancy routinely in January and February; and thankfully, last week we saw levels of over 90 percent occupancy. Now that bounceback, those numbers mask a lot of differences that we had to make as a result of COVID," Barawid said.
Casai already has 200 rental locations in Mexico City and according to Barawid, the company is working to expand to Brazil in 2021.
"Really our focus for the next couple of years is going to be Latin America and in particular, the sort of business centers and important leisure centers of Latin America."
While Casai currently has no plans to expand to the United States, its growth plans include popular "seasonal destinations" like Tulum and Puerto Vallarta.
Barawid said he also has no current plans to thrust the company into an IPO but is committed to building a "world class team" that will bring the company to the next level.
Former Cisco Systems CEO John Chambers learned all about technology’s volatile highs and lows as a veteran of the internet’s early boom days during the late 1990s and the ensuing meltdown that followed the mania. And now he is seeing potential signs of the cycle repeating with another transformative technology in artificial intelligence. Chambers is trying take some of the lessons he learned while riding a wave that turned Cisco into the world's most valuable company in 2000 before a crash hammered its stock price and apply them as an investor in AI startups. He recently discussed AI's promise and perils during an interview with The Associated Press.
Grove Collaborative’s CEO shares how the company is reinventing everyday goods with sustainability at the core and working toward a plastic-free future.
Atlanta Mayor Andre Dickens shares plans for affordable housing, community-led growth, and why private and public grocery stores could be key to food equity.
Tesla reported a surprise increase in sales in the third quarter as the electric car maker likely benefited from a rush by consumers to take advantage of a $7,500 credit before it expired on Sept. 30. The company reported Thursday that sales in the three months through September rose 7% compared to the same period a year ago. The gain follows two quarters of steep declines as people turned off by CEO Elon Musk’s foray into right-wing politics avoided buying his company’s cars and even protested at some dealerships. Sales rose to 497,099 vehicles, compared with 462,890 in the same period last year.
Tom’s Guide Editor-in-Chief Mark Spoonauer breaks down Apple & Amazon's latest product drops—what's hot, what's hype, and what really matters for users.
InnerPlant CEO Shely Aronov reveals how engineered crops like soybeans and corn emit signals when stressed—offering farmers early warnings to boost yields.
